It’s 15 years since Edward Hall’s all-male Propeller Shakespeare company put Newbury’s Watermill Theatre on the international map with its production of Henry V. If you’ll pardon the pun, the propeller has continued to whirl energetically ever since, and never more so than in the company’s new Comedy of Errors, which forms half of its latest tour.

Propeller shows always begin before curtain-up. In this case, a gum-chewing, gun-toting, pelvic-thrusting, cop wanders amongst the audience. “No phonz sweetched on, OK?” he growls. On stage, assorted shade-wearing, sombrero-topped characters loll about drinking — the setting is a seedy Spanish resort (or it might be South America, it matters not). On walks the tall, blond Duke of Ephesus (Richard Clothier), dressed in a bright crimson suit — you could write a whole review on Michael Pavelka’s many and varied costume designs. “Well, Syracusian, say in brief the cause/ Why thou departed’st from thy native home,” he says to the dishevelled merchant Aegeon (John Dougall), who has shuffled before him.

This serious prologue quickly develops into an ever-changing kaleidoscope of mistaken identities, misunderstandings over gold chains, and vanishing bags of ducats. The show is played as high farce, and at great speed — you feel quite exhausted by the end. Hall includes all manner of gags, both visual and audio, with the cast playing the accompaniment to the songs, and supplying the sound effects — every time the Dromios (Richard Frame and Jon Trenchard, both splendidly scruffy) get a clip round the ear, an instrumental raspberry is blown. Everyone will have their own highlight moment, but for me it was the transformation of Pinch the conjurer (Tony Bell) into a hot gospel, charismatic Reverend (donations for the Lord’s Work welcome, all major credit cards accepted). This will surely bring particular smiles of recognition at the three American dates being played on this Propeller tour.

But the high jinks never get in the way of beautifully spoken Shakespeare, or raw moments such as Adriana’s realisation that there’s something strange about her husband: “My heart prays for him, though my tongue do curse”. The fact that punk-dressed Adriana — like her comic foil Luciana (David Newman) — is actually a man (Robert Hands) adds greatly to the stressful uncertainty of the situation. Whether you have never seen Comedy of Errors before, or experienced it dozens of times already, you will get a great deal out of this stunning production.

Continues in repertory with Richard III until Saturday. Performance details and tickets: www.everymantheatre.org.uk or 01242 572573. Performances at the Watermill, Newbury (April 13-30) are sold out, but returns may be available on 01635 46044.